Who draws salary from Consolidated Fund of India?
The government meets all its expenditure from this fund. The government needs parliamentary approval to withdraw money from this fund. The provision for this fund is given in Article 266(1) of the Constitution of India. Each state can have its own Consolidated Fund of the state with similar provisions.
Who gets salary from Consolidated Fund of State?
Salaries and allowances of the Chairman and the Deputy Chairman of the Rajya Sabha and the Speaker and the Deputy Speaker of the Lok Sabha. Salaries, allowances and pensions of the judges of the Supreme Court. Pensions of the judges of high courts.
Who are paid from Contingency Fund of India?
Definition: Contingency Fund is created as an imprest account to meet some urgent or unforeseen expenditure of the government. Description: This fund was constituted by the government under Article 267 of the Constitution of India. This fund is at the disposal of the President.
Who can withdraw money from Consolidated Fund of India?
An Appropriation Bill is a money bill that allows the government to withdraw funds from the Consolidated Fund of India to meet its expenses during the course of a financial year. As per Article 114 of the Constitution, the government can withdraw money from it only after receiving approval from Parliament.
Is President salary charged on Consolidated Fund of India?
Charged Expenditures on Consolidated Fund of India
No voting takes place for the withdrawal of these expenditures from the Consolidated Fund of India. These charges have to be paid whether the Budget is passed or not. The expenses under this category include salaries and allowances of: the President.
Who can declare emergency in India?
(1) If the President is satisfied that a grave emergency exists whereby the security of India or of any part of the territory thereof is threatened, whether by war or external aggression or 1[armed rebellion], he may, by Proclamation, make a declaration to that effect 2[in respect of the whole of India or of such part …
Who decides salary of UPSC members?
It has been decided by the Government to give parity in pay, perquisites and allowances with the Chief Election Commissioner/Election Commissioner to the Chairman and Members of the Union Public Service Commission with effect from 01st May, 2007. 2.
Who operated the contingency fund of the state?
It is in the nature of an imprest (money maintained for a specific purpose). Accordingly, Parliament enacted the contingency fund of India Act 1950. The fund is held by the Finance Secretary (Department of Economic Affairs) on behalf of the President of India and it can be operated by executive action.
What are the three types of Government funds?
The three types of governmental funds are governmental, proprietary, and fiduciary funds.
Who is financial commissioner?
In November 2017, President of India constituted the 15th Finance Commission and appointed former Planning Commission member NK Singh as its chairman. … The Union government appointed former Finance Secretary Ajay Narayan Jha in his place in March 2019.
What is a good contingency fund?
Regulation 6.1 requires that the Contingency Reserve Fund be equal to at least 25% of the Operating Fund. … The next budget must make a contribution equal to at least 10% of Operating Fund.
What is the Article 280?
The Finance Commission is constituted by the President under article 280 of the Constitution, mainly to give its recommendations on distribution of tax revenues between the Union and the States and amongst the States themselves.
How can I draw money from Consolidated Fund of India?
As per article 114 of the constitution, money from the Consolidated Fund of India can be withdrawn only after it is approved by the parliament or the state legislatures. Who passes Appropriation Bills? The bills are passed by both the central government and the state governments to meet their financial demands.
What is included in Consolidated Fund of India?
Constituted under Article 266(1) of the Indian Constitution, the Consolidated Fund of India is the account of the revenue the Government of India receives — via income tax, Customs, central excise and the non-tax revenue — and the expenses it makes, excluding exceptional items. …
What is the importance of the Consolidated Fund of India?
Definition: Consolidated Fund of India is the most important of all government accounts. Revenues received by the government and expenses made by it, excluding the exceptional items, are part of the Consolidated Fund. Description: This fund was constituted under Article 266 (1) of the Constitution of India.